On May 12 in Ho Chi Minh City, Vietnam Blockchain Association (VBA) attended the Seminar “Improving institutions to promote the application of new technologies in national digital transformation” organized by the Committee for Science and Technology. and Environment of the National Assembly in collaboration with the Institute of Digital Economy Development Strategy (IDS) and Saigon Giai Phong Newspaper.
At the seminar, Mr. Phan Hong Quan, VBA expert shared content related to blockchain and digital assets in the context of the current economy. According to him, digital assets with the core foundation of blockchain will play an important role in the process of national digital transformation and global integration. However, the unclear legal corridor can be a big barrier that slows down the speed of digitization.
Head of the VBA Membership Committee speaks at the seminar
Mr. Quan said that digital property is a concept with economic connotations, not just limited to the legal framework, because it will “touch” many key issues related to ownership and private property. Therefore, a new, broader and more holistic approach is needed to build expanded regulatory frameworks, thereby promoting the digital economy as a new and important growth engine for Vietnam. This holistic approach, if studied by the legislature (National Assembly) and allowed by the executive (Government) to test the mechanism (Sandbox), will be an important “bump” for the new digital economy. , as the Resolutions of the Politburo and the Government had expected.
Countries such as Japan, Korea, Switzerland or regions besides Vietnam such as Singapore, Hong Kong and Thailand have all issued some common legal frameworks for digital asset management. Especially the “Regulatory Framework for Digital Asset Markets” (MiCA) of the European Union (EU) was just approved in mid-April. Experts rate MiCA as the world’s most comprehensive regulatory framework for digital assets today. Meanwhile, the technology governance movement combining centralization and decentralization is converging into a new trend, which is Regulation Techs (“RegTech”). That could very well be a mainstream trend in the coming period, when countries are acutely aware of the importance of digital assets in the new world order.
Realizing the importance of this field, VBA has had many dialogues with legislative bodies such as the Foreign Affairs Committee of the National Assembly, financial management agencies such as the State Bank (SBV), the Ministry of Finance and the Ministry of Finance. … to propose timely solutions to support enterprises and the domestic blockchain industry to develop creatively, innovate and comply with current regulations.
Talk scene
In the context of an unclear legal corridor that can pose risks to users and investors, VBA has launched the “Reporting Portal of projects with signs of fraud” and received more than 20 reports, in which 70% of the projects reported are founders in Vietnam. This shows the urgency in issuing relevant regulations and guidelines soon. In addition, VBA has also announced the “Scam Identification Standard”, “Information Security Standard” and “Project Rating Criteria” to create a transparent, fair competition environment. strong for the blockchain industry.
“Digital assets have clearly gone mainstream, we need together to create an effective approach and an open regulatory framework to promote a dynamic new digital economy. It is necessary to take a holistic approach both in terms of policies to encourage innovation, establish an overarching legal framework on digital assets as well as extensive international cooperation that will help digital assets have important values in the economy. nation, building a strong asset dashboard for businesses and seamlessly integrating with the traditional asset ecosystem. Innovation, establishing the key role of digital assets will be a new driving force for economic development and a very rare opportunity for Vietnam to overcome in the current fierce global competition”, Mr. Quan emphasized.
The VBA representative also made some recommendations. First of all, digital assets should be included in the general legal framework, not a few specialized laws such as the Law on Credit Institutions or the Law on Telecommunications, etc. In which, digital asset ownership and intellectual property rights should be included. This is the basic content that needs to be clarified. The next step is to adopt a strategy that must be biased toward economic factors, particularly property rights, from which to regulate policies in a fair, transparent, and amicable way with new technology industries in order to gain an advantage competitive over rivals in the rapidly evolving global digital transformation landscape. Finally, it is necessary to consult and learn from previous countries’ experience in building legal frameworks and approaches to digital assets, in order to issue a pilot (sandbox) in a specific field before experimenting points on a large scale.